May 22, 2023 08:15 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES Wafer Board
New York (US), May 22, 2023 (GLOBE NEWSWIRE) -- Plywood Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Plywood Market Information by Grade, Application, Wood Type, and Region - Forecast till 2030”, Plywood Market could thrive at a rate of 6.10% between 2022 and 2030. The market size will be reaching around USD 152,527.58 Billion by the end of the year 2030
Plywood is a versatile sheet material composed of thin layers or "plies" of wood veneer that are glued together with adjacent layers having their wood grain rotated up to 90 degrees relative to one another. This construction method results in a sturdy, pliable, and structurally sound panel that is widely utilized in construction, furniture, packaging, and numerous other industries
The global plywood market has seen steady growth over the years due to its versatility and durability. The market is driven by several factors such as the increasing demand for plywood in the construction industry, the growth of the furniture industry, and the rise in home renovation and remodeling activities. The increasing preference for eco-friendly and sustainable building materials is also driving the demand for plywood, as it is made from renewable resources and can be recycled.
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The affluent companies in the Plywood industry include
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Lumin announced its plan to invest approximately $136 million to build a new plywood mill in Uruguay, expanding the country's sustainable plywood production capacity to nearly 500,000 m3
Plyneer, an Indian company, announced its plan to expand its services to over 20 cities and towns in India, aiming to achieve a revenue of over Rs 100 crore.
One driver for the plywood market is the increasing demand from the construction industry due to the growing need for affordable housing and infrastructure development. Plywood is a versatile and cost-effective building material that is widely used in construction, making it a popular choice for builders and contractors. Additionally, the increasing trend towards sustainable construction practices has further boosted the demand for plywood, as it is an eco-friendly option compared to other materials like concrete and steel.
One significant restraint for the plywood market is the shortage of raw materials like timber. Plywood is made by pressing layers of wood veneers together, which means that it requires a steady supply of timber. However, deforestation, illegal logging, and strict government regulations on logging have led to a shortage of timber supply, which has increased the price of raw materials for plywood manufacturers. This has increased the overall cost of plywood, which could negatively impact demand, especially in price-sensitive markets. Additionally, the use of alternative materials like plastic and composites in the construction industry could also pose a threat to the growth of the plywood market.
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The COVID-19 pandemic had a significant impact on the plywood market. Due to the lockdowns and travel restrictions, the demand for plywood decreased sharply in the first half of 2020. The supply chains were disrupted due to the closure of factories and ports, leading to a shortage of raw materials and finished products. The construction industry, which is one of the major consumers of plywood, was hit hard as many construction projects were put on hold or delayed. Moreover, the closure of retail stores and the shift towards e-commerce channels also affected the distribution of plywood products.
However, with the easing of restrictions in many countries and the resumption of economic activities, the demand for plywood started to recover in the second half of 2020. The increased demand for housing and home improvement projects, along with the resumption of construction activities, led to a surge in demand for plywood. The growth of the e-commerce industry also facilitated the distribution of plywood products.
The wood types in the market include Softwood and Hardwood.
By grade, the segment includes MR Grade, BWR Grade, Fire Resistant Grade, BWP Grade, and Structural Grade
By application, the segment includes Furniture, Flooring & Construction, Automotive Interior, Packaging, Marine, and Others
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In North America, the demand for plywood is primarily driven by the growing demand for sustainable construction materials. Plywood is considered an eco-friendly alternative to traditional building materials such as concrete and steel due to its low carbon footprint and renewability. Additionally, the demand for plywood in the furniture industry is increasing as plywood is more lightweight, durable, and cost-effective than traditional solid wood. Further, in Europe, the plywood market is driven by the growing demand for plywood in the packaging industry. Plywood is a popular material for the production of crates, boxes, and pallets due to its durability and strength. Moreover, the growing demand for high-quality furniture is expected to drive the demand for plywood in the region.
Additionally, in Asia Pacific, the plywood market is driven by the increasing adoption of plywood in the construction industry. Plywood is commonly used in the construction of residential and commercial buildings due to its durability and cost-effectiveness. Additionally, the growing demand for plywood in the furniture industry is expected to drive market growth in the region.
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Wood And Plywood Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.